Moving forward together (2024)

As you may know, Morgan Stanley and E*TRADE joined forces on October 2, 2020. The next step in the process of combining our organizations will be the transfer of your account(s), assets, and obligations from E*TRADE Securities LLC (ETS) to Morgan Stanley Smith Barney LLC (Morgan Stanley) on your transfer date, subject to regulatory and other approvals.

As a result of this transfer, Morgan Stanley will become your broker-dealer of record andassume responsibility for back-office functions currently provided to you by E*TRADE, such as custody of your securities, funds, and other assets in your account(s), clearing and settling of securities transactions, margin, and corporate actions. You will, however, continue to access your account information through etrade.com and the E*TRADE applications, including the E*TRADE mobile app, Power E*TRADE, Power E*TRADE mobile, and E*TRADE Pro.

For investment advisory accounts, Morgan Stanley will replace E*TRADE Capital Management, LLC (ETCM) as investment adviser upon transfer and also replace ETS as custodian and broker-dealer. ETCM Blend and Fixed Income Portfolios will be transferred to Morgan Stanley’s Select UMA Program®, while ETCM Core Portfolios will be transferred to Morgan Stanley’s Core Portfolios Program.

In the event that your transfer date is adjusted, we’ll post a message to etrade.com and the E*TRADE applications informing you of the new date. If you wish, you can opt out of this transfer by following our opt-out instructions.

Please rest assured that there’s nothing you need to do for this transfer to take effect, and you’ll continue to enjoy the online experience you’ve come to expect from us.

No, there’s nothing you need to do for the transfer to take effect, and you’ll continue to enjoy the online experience you’ve come to expect from us.

To better understand the transfer and the impact of Morgan Stanley serving as the broker-dealer and investment adviser, as applicable, for your account(s), go to the tab,where you can read the applicable client agreements and Important Account Information documents. We encourage you to review these documents carefully, as they will govern your account(s) after the transfer.

To facilitate the transfer of your account(s), several important events will take place during the weekend of your transfer date, including the following:

• Account access will be temporarily disabled for most of the weekend, including for your brokerage account(s) as well as any bank accounts with Morgan Stanley Private Bank that have the same log-on credentials as the brokerage account(s) being transferred. Online-initiated banking and cash management features will also be unavailable in your brokerage account(s). As a result, we encourage you to take care of any payments or transfers in advance of the weekend.
• Any open orders will be canceled after the close of the extended hours session on the Friday of your transfer date. In many cases, these orders will be automatically reentered before the start of the next trading session. For some types of orders, however, you will need to take action to reenter the orders on your own. Learn more
• New orders will not be accepted in the Bond Resource Center. Once the accounts are transferred, functionality in the Bond Resource Center will be restored.
• Incoming and outgoing account transfers to other broker-dealers may be affected.

For detailed information about the above and other transfer weekend considerations, please see Before Your Transfer Date.

Due to platform downtime over the weekend of your transfer date, access to a variety of banking and cash management features may be affected. Plus, if you have bank account(s) with the same log-on credentials as the brokerage account(s) being transferred, you’ll be unable to access the bank account(s) online during the weekend of your transfer date.

Please be aware that debit cards associated with E*TRADE brokerage accounts will be temporarily unavailable for a period of time during the weekend of your transfer date. We encourage you to plan accordingly, as this may impact both purchases and cash withdrawals via these debit cards. Debit cards associated with bank accounts, however, will remain fully functional, and you can continue to make payments with the existing checks associated with your bank or brokerage accounts.

If you have any urgent banking requests over the weekend of your transfer date (e.g., if you suspect fraud in your banking account or need to report a lost or stolen debit card), please contact E*TRADE Customer Service for assistance.

For additional details, see Before Your Transfer Date.

Yes, once the transfer is complete, you’ll have a new brokerage account number with nine digits, which you’ll be able to view online. For reference purposes, your old account number will also be visible on etrade.com and the E*TRADE applications.

You’ll also be issued a new checking account number to be used when establishing new direct deposits and automatic payments tied to your E*TRADE brokerage account. This number will appear at the bottom of any brokerage account checks you order after the transfer is completed.

Important: Even though you’ll have new account numbers as described above, any existing checks, debit cards, and automatic payments and instructions tied to your E*TRADE brokerage account will continue to operate without change. (Existing instructions include direct deposits, recurring cash transfers, mobile wallets, and more.) Going forward, however, you should use your new account number when creating new instructions.

For additional details, see After Your Transfer Date.

Yes, any open orders will be canceled after the close of the extended hours session on the Friday of your transfer date. In many cases, these orders will be automatically reentered before the start of the next trading session. For some types of orders, however, you will need to take action to reenter the orders on your own.

For a detailed look, see General treatment of open orders.

To view your updated agreements and disclosures, see .

There is no cost associated with the transfer of your E*TRADE account(s) to Morgan Stanley. If you do not object to the transfer, no further action is required of you. We’ll automatically transfer your E*TRADE account(s) to Morgan Stanley on or around your transfer date. Your online experience and the way you access your account(s) will remain unchanged.

However, if you do not want your E*TRADE account(s) transferred to Morgan Stanley, you have the right to object. To do so, and to prevent your E*TRADE account(s) from being transferred to Morgan Stanley, you must complete both steps below:

• Call us at 800-387-2331 to signal your intention to opt out of the transfer; and
• Close or move your E*TRADE account(s) to another broker-dealer of your choice. You must provide the receiving broker-dealer with transfer instructions and these transfer instructions must be initiated by the new broker-dealer before the date listed in the Notice of Changes we sent you.

If you contact Customer Service to signal your objection but do not take the necessary steps to close or move your E*TRADE account(s) to a new firm, as described above, your E*TRADE account(s) will be automatically transferred to Morgan Stanley on your transfer date.

When you opt out by taking both of the steps described above, your transfer fees will be waived. If, however, you elect to move your E*TRADE account(s) after the transfer date, Morgan Stanley may assess a $75.00 transfer fee per account.

Please note: If your employer maintains the administration of its equity compensation plan with E*TRADE Corporate Services or Morgan Stanley at Work, you will not be able to opt out of the transfer of your stock plan account.

In the event that your account(s) or certain securities held in your account(s) are not eligible for transfer to Morgan Stanley, we will work with you to resolve your account(s) and positions.